Belite Bio (NASDAQ:BLTE) Hits New 52-Week High – Should You Buy?

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) shares reached a new 52-week high on Tuesday . The stock traded as high as $115.41 and last traded at $112.40, with a volume of 160813 shares traded. The stock had previously closed at $105.90.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BLTE shares. HC Wainwright reduced their target price on shares of Belite Bio from $100.00 to $98.00 and set a “buy” rating for the company in a research note on Monday, September 15th. Zacks Research upgraded shares of Belite Bio from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 16th. Wall Street Zen upgraded shares of Belite Bio from a “sell” rating to a “hold” rating in a research note on Saturday, September 20th. Benchmark lifted their target price on shares of Belite Bio from $80.00 to $132.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Belite Bio in a research note on Wednesday, October 8th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $113.33.

Belite Bio Price Performance

The firm’s 50 day moving average is $77.12 and its 200 day moving average is $67.69. The company has a market cap of $3.58 billion, a PE ratio of -72.52 and a beta of -1.42.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings data on Monday, August 11th. The company reported ($0.50) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.03). During the same quarter in the prior year, the firm earned ($0.31) EPS. As a group, analysts anticipate that Belite Bio, Inc. Sponsored ADR will post -1.17 EPS for the current year.

Hedge Funds Weigh In On Belite Bio

Hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC lifted its position in Belite Bio by 11.1% during the third quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock valued at $130,000 after purchasing an additional 176 shares during the last quarter. EverSource Wealth Advisors LLC bought a new stake in Belite Bio during the second quarter valued at approximately $147,000. BNP Paribas Financial Markets bought a new stake in Belite Bio during the second quarter valued at approximately $190,000. High Net Worth Advisory Group LLC bought a new stake in Belite Bio during the third quarter valued at approximately $259,000. Finally, Marshall Wace LLP bought a new stake in Belite Bio during the second quarter valued at approximately $547,000. Hedge funds and other institutional investors own 0.53% of the company’s stock.

Belite Bio Company Profile

Belite Bio, Inc, a clinical stage biopharmaceutical drug development company, engages in the research and development of novel therapeutics targeting retinal degenerative eye diseases with unmet medical needs in the United States. The company’s lead product candidate is LBS-008 (Tinlarebant), an orally administered once-a-day tablet for maintaining the health and integrity of retinal tissues in autosomal recessive Stargardt disease and geographic atrophy patients.